Frequently Asked Questions

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Rewards Money Market Account

    General Account Questions

  1. What is a Capital One® Rewards Money Market Account?
  2. Are there any fees or minimum balance requirements?

    3. FDIC Insurance

  3. Are deposits FDIC-insured? How do I know my money is secure?
  4. How can I "maximize" my FDIC insurance to the maximum amount allowable by law?

    5. Managing and Accessing Your Account

  5. Can I transfer money between my existing accounts?
  6. How do I link and verify my non-Capital One account?
  7. How does trial deposit verification of my non-Capital One account work?
  8. How does an electronic transfer work?
  9. How do I withdraw my money?
  10. How do I transfer money to and from my Capital One account?
  11. How long does a withdrawal from my Capital One account take?
  12. Can I request an outbound wire?
  13. Is there a limit to the number of withdrawals I can make?
  14. How can I deposit money into my Capital One account?
  15. How soon will I receive money in my Capital One account if I make a deposit from an external account?
  16. Can I add additional accounts at other institutions to my Capital One Rewards Money Market Account?
  17. What is the Automated Savings Plan? How do I set it up?
  18. How do I keep track of my savings? Can I view my statement online?
  19. I don’t want to receive my account statements in the mail. Can I choose paperless options through Online Banking?
  20. How do I access my account information online?
  21. What is direct deposit? How do I set it up?
  22. What are your routing numbers?

    23. Rewards

  23. How do I earn miles?
  24. How do I use my miles?
  25. How do I keep track of my savings and my rewards?

    26. Opening an Account

  26. How do I open my Capital One Rewards Money Market Account?
  27. Can I start an online application and finish it later?
  28. How do I make my initial deposit?


General Account Questions

  1. What is a Capital One® Rewards Money Market Account?

    In general, a money market account is an FDIC-insured savings account that offers a higher rate of return than traditional savings accounts, but restricts the number of withdrawals you can make in a month.

    The Capital One Rewards Money Market Account is an FDIC-insured savings account that offers a higher-than-average rate of return on your money with the added benefit of No Hassle Miles good toward cash, travel, merchandise, charitable donations and more. You also have three easy ways to access your money.

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  2. Are there any fees or minimum balance requirements?

    No. There are no monthly fees with this account, and you are not required to maintain a minimum balance to earn the current interest rate.

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    3. FDIC Insurance

  3. Are deposits FDIC-insured? How do I know my money is secure?

    Capital One Bank (USA), N.A., and Capital One, N.A., are both FDIC members. Our FDIC certificate numbers are 33954 and 4297, respectively. All deposits in each Capital One banking institution are separately FDIC-insured up to $250,000 per depositor, per ownership category.

    In addition, Capital One is a leader in financial services, offering a broad spectrum of products and services to consumers, small businesses and commercial clients. We have more than $100 billion in total deposits because of the level of trust we've built with our customers.

    You can learn more about these institutions at the FDIC Web site, www.fdic.gov, by searching for "Capital One National Association" using Bank Find.

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  4. How can I "maximize" my FDIC insurance to the maximum amount allowable by law?

    Since the FDIC considers Capital One's two subsidiary banks as two separate institutions, any funds held in Capital One Bank (USA), N.A., are insured separately from funds held in Capital One, N.A., and vice versa.

    The FDIC also determines insurance coverage in the same institution by ownership categories. Your deposits in each Capital One institution are FDIC-insured up to $250,000 per depositor, per ownership category.

    Individual and joint accounts are insured separately. For example: if you have both an individual account and a joint account with your spouse in each of our institutions, total deposits for you as a couple can be insured up to $1.5 million (up to $250,000 in each of the individual accounts, and up to an additional $250,000 per spouse in each of the joint accounts).

    Corporate and partnership account deposits are also insured up to $250,000 at each institution, and are insured separately from the personal accounts of the entity's stockholders, partners, or members.

    Beginning July 1, 2010 Capital One, N.A. will no longer be participating in the FDIC’s Transaction Account Guarantee Program. Thus, after June 30, 2010, funds held in noninterest-bearing transaction accounts will no longer be guaranteed in full under the Transaction Account Guarantee Program, but will be insured up to $250,000 under the FDIC’s general deposit insurance rules.

    This is summary information only. For additional FDIC insurance information, we encourage you to visit the FDIC's Web site, www.fdic.gov , or call 1-877-ASK FDIC (1-877-275-3342) - Hours of operation: 8:00 a.m.–8:00 p.m. ET, Monday–Friday.

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    5. Managing and Accessing Your Account

  5. Can I transfer money between my existing accounts?

    Yes. Once your account has been verified, you can schedule transfers to and from your non-Capital One accounts. You can also transfer funds between your Capital One Savings and Money Market account.

    Note that money market accounts have different rules for withdrawing funds than a regular checking account. Withdrawals by online transfer and check are limited to a combined six per calendar month. ATM withdrawals are limited to $500 per day, with no monthly limit on how many times you use the card. Capital One does not charge a fee for ATM usage, but the ATM owner may. Please read your disclosure for more details.

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  6. How do I link and verify my non-Capital One account?

    1. Log into your Online Banking account at capitalonedirect.com.
    2. Select the “Self Service” tab, click “Link Accounts” and follow the instructions.
    3. To verify your account, you will be asked to provide your username and password for your external account or follow our small trial deposit verification steps (refer to following question).

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  7. How does trial deposit verification of my non-Capital One account work?

    In order to validate your account ownership, you may be asked to verify the amounts of small deposits to your external account. This standard practice helps ensure your safety and security. Once you provide the information for the account you'd like to link, we'll make one or two small deposits followed immediately by one withdrawal to that account. To complete the setup of your link, you will need to follow these steps (which will also be e-mailed to you):

    1. Inquire directly with your account provider (online, by phone, at an ATM, or in person) to identify the small deposit amounts we initiated. The amount(s) will be less than $1.00.
    2. Log in to Capital One Online Banking and click on the Transfers tab, then the Manage Non-Capital One Accounts page. Click on Pending Verification in the Status column.
    3. Enter the correct deposit amount(s) and click Verify Trial Deposit. Once your account is successfully verified, you can immediately begin transferring funds between this account and your Capital One account(s).

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  8. How does an electronic transfer work?

    Linking accounts allows you to perform an Electronic Funds Transfer (EFT). Your transfer request is sent from the original account to the Automated Clearing House (ACH), a secure transfer system that connects all financial institutions in the United States. Once your transfer is verified by the ACH, it is sent to your receiving account. To see the sample timelines, refer to questions 11 and 16 below. Please note that transfer timelines may vary. For full details and descriptions, please refer to your account terms and conditions.

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  9. How do I withdraw my money?

    You can easily withdraw your money in three different ways:

    • Transfer money online between your Capital One account and your existing bank (and some brokerage) accounts through our free Online Banking service 
    • Write a check to yourself or anyone else
    • Withdraw money with your ATM card

    You can also wire money out of your Capital One account, although you'll need to pay a $20 service charge. Refer to question 23 below for important details on this process.

    Note that money market accounts have different rules for withdrawing funds than a regular checking account. Withdrawals by online transfer and check are limited to a combined six per calendar month. ATM withdrawals are limited to $500 per day, with no monthly limit on how many times you use the card. Capital One does not charge a fee for ATM usage, but the ATM owner may. Please read your disclosure for more details.

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  10. How do I transfer money to and from my Capital One account?

    Transferring money is easy with our free Online Banking service. Simply log into your account at capitalonedirect.com and click the ‘Transfers’ tab. Complete the necessary information and schedule your transfer with just a few clicks.

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  11. How long does a withdrawal from my Capital One account take?

    Your money reaches the destination account 3 business days after the day you initiate the transfer, as illustrated below. Check with your bank to see when your funds will be available.

    Frequently Asked Questions Schedule Banner

    Transfers initiated on Saturday or Sunday will begin processing on Monday and reach the destination account on Thursday. Note, however, that processing does not occur on federal bank holidays.

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  12. Can I request an outbound wire?

    You can wire funds out of your account only if the receiving account is in the name of, or for the benefit of, the account owner or beneficiary (in deceased situations only). Wires cannot be sent to third parties, including escrow accounts, and title companies. Please complete our Wire Request Form. Failure to submit a complete and accurate wire request will delay the wire from being processed. Note there is a $20.00 service charge to process an outbound wire.

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  13. If I schedule a withdrawal from my Capital One account on a weekend, when will it reach my external account?

    Yes, money market accounts have different rules for withdrawing funds than a regular checking account. Withdrawals by online transfer and check are limited to a combined six per calendar month, three of which may be by check. ATM withdrawals are limited to $500 per day, with no monthly limit on how many times you use the card. Capital One does not charge a fee for ATM usage, but the ATM owner may. Please read your disclosure for more details.

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  14. How can I deposit money into my Capital One account?

    There are three ways to make deposits into your Capital One account.

    1. Use our free Online Banking service to make an online transfer (refer to question 16 for more details).
    2. Mail a check to:
      Capital One Bank
      P.O. Box 4197
      Houston, TX 77210-4197

      Checks must be payable to Capital One and must be a first party (personal check from an account owner’s own account) or second party check (bank check) payable to the account owner. Capital One Bank does not accept the following for deposit:

      • Third party checks
      • Checks drawn from a foreign bank
      • Foreign funds
      • Money orders
      • Access or convenience checks (checks drawn from credit cards)
    3. Wire money. Note that you can wire funds into your account only if the sending account is in the name of, or for the benefit of, the account owner. Wires cannot be received from third parties, with the exception of escrow accounts and title companies, provided that you are listed as a beneficiary on the escrow or title account.


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  15. How soon will I receive money in my Capital One account if I make a deposit from an external account?

    Your money reaches your account one business day after the day you initiate the transfer, as illustrated below. Check your account agreement to find out when your funds will be available for withdrawal.

    Frequently Asked Questions Schedule Banner

    Transfers initiated on Saturday or Sunday will begin processing on Monday and be deposited on Tuesday. Note, however, that processing does not occur on federal bank holidays.

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  16. Can I add additional accounts at other institutions to my Capital One Rewards Money Market Account?

    Yes. You can link multiple external accounts at banks and many brokerages to your Capital OneRewards Money Market Account through our free Online Banking service. Read Question 6 above for more information on linking accounts.

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  17. What is the Automated Savings Plan? How do I set it up?

    This feature automatically makes recurring deposits to your Rewards Money Market account straight from your external bank account so you can earn higher returns faster. You have a variety of frequencies from which to choose.

    You can easily set up your Automated Savings Plan through our free Online Banking service.

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  18. How do I keep track of my savings? Can I view my statement online?

    Use our Online Banking to check on balances, rates and interest earned, and to view online statements. Online Banking starts archiving your statements from the first statement cycle after your Online Banking enrollment date and archives up to 18 months of online statements.

    In addition, we'll send you a monthly statement showing your account activity, including electronic funds transfers. Your statement may be sent quarterly if there has been no activity other than interest posting for that time period.

    You can also call our automated account information line at 1-888-810-4013.

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  19. I don’t want to receive my account statements in the mail. Can I choose paperless options through Online Banking?

    Yes. Visit the Statement Delivery Preferences page in Self Service and choose the “online only” delivery option for your eligible statements. If you choose online statement delivery, we'll send you an e-mail alert each month to notify you that your online statement is available, so please be sure that your email address is current.

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  20. How do I access my account information online?

    After we have opened and verified your account, we will mail you your account number along with instructions for registering your account for our free Online Banking and No Hassle Rewards services. Once you have registered and established a user name and password, you can make electronic transfers, view your account information online and get the most detailed, up-to-date information on your rewards activity.

    Online Banking uses the highest levels of online security to protect your information. In addition to standard procedures like encryption levels and user ID and password protection, we also utilize multi-factor authentication. With multi-factor authentication, you supply us with questions and answers that we use when additional security is needed (for example, if you forget your password or sign in from a computer we do not recognize).

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  21. What is direct deposit? How do I set it up?

    With this feature, your employer will automatically deposit all or portion of you paycheck to your account so you earn higher returns faster. All you need to do is determine the amount you want directly deposited to your account each pay period. This amount will be automatically withdrawn from every paycheck and deposited into your account.

    Talk to your employer about enrolling in direct deposit or splitting your existing direct deposit across accounts.

    You will need to provide your account number as well as the "routing" number for the account. See General Question 6 for details on finding the routing number for your account.

    Or download our Direct Deposit Information Form to make getting started easier, we've listed all information you'll need to begin direct deposit to your Capital One Bank account.

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  22. What routing number do I use for Direct Deposit or Automated Clearinghouse (ACH) transfers?

    If you have checks with your Capital One Bank account: You can quickly find the routing number by looking at a check (make sure you are looking at a check, not a deposit slip). The routing number is the first 9 numbers at the bottom left of your check. This number is always 9-digits.

    The routing number for your account depends on which bank institution (sometimes called "entity") your account is held in. So if you don’t have checks with your Capital One Bank account, or can’t find your checks, you can look at your most recent paper or online statement to find out which bank institution your account is held in, and then use that information to find your routing number below. The bank institution is located to the right of your account number on your statement. If you haven’t received a statement yet or can’t find your routing number, give us a call at 1-888-810-4013.
    • Capital One Bank (USA), N.A: 051405515
    • Capital One, N.A.: 056073502

    **Note that branch bank account routing numbers are different. If you don’t have checks with your branch bank account, please contact customer service**

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  23. What routing number do I use for wire transfers?

    The routing number for your account depends on which bank institution (sometimes called "entity") your account is held in. So you can look at your most recent paper or online statement to find out which bank institution your account is held in, and then use that information to find your routing number below. The bank institution is located to the right of your account number on your statement. If you haven’t received a statement yet or can’t find your routing number, give us a call at 1-888-810-4013.

    • Capital One Bank (USA), N.A: 051409375
    • Capital One, N.A.: 056073612

    **Note that branch bank account routing numbers are different. If you don’t have checks with your branch bank account, please contact customer service**

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    24. Rewards

  24. How do I earn miles?

    It's simple. You earn rewards for saving your money. Every month, you'll accumulate 1 mile for each $20 of your average balance for the month. For example, if your average balance for the month is $10,000, you'll get 500 miles for that month. Rewards miles will be posted to your account within 60 days after the end of each month.

    Also, deposit at least $500 within the first month and receive 2,500 bonus miles.

    You can also transfer your rewards between your Rewards Money Market Account and other U.S. Miles or Points accounts. Please note: while you may receive rewards transfers from U.S. Cash accounts, you may not transfer rewards to them.

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  25. How do I use my miles?

    Redeem miles for cash, travel, merchandise and more either by calling or going online—we'll send you more information after you open your account. There's no limit to the number of miles you can earn. Miles never expire for the life of your account, and there are no blackout dates.

    You can also transfer your rewards between your Rewards Money Market Account and other U.S. Miles or Points accounts. Please note: while you may receive rewards transfers from U.S. Cash accounts, you may not transfer rewards to them.

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  26. How do I keep track of my savings and my rewards?

    Use our Online Banking to check on your savings balance, rates and interest earned and to view online statements. In addition, we'll send you a monthly statement showing your account activity, including electronic funds transfers. Your statement may be sent quarterly if there has been no activity other than interest posting for that time period.

    For detailed, up-to-date information on your rewards activity you can visit the Rewards Web site or call the redemption center. We'll provide the Web address and phone number once you open an account.

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    27. Opening an Account

  27. How do I open my Capital One Rewards Money Market Account?

    You have two convenient ways to open your account:

    1. Complete our online application.
    2. Call us at 1-866-871-7932.


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  28. Can I start an online application and finish it later?

    Yes. The application can be saved, so you can leave and come back later to finish. Just click the "Save Application" button in the application after entering your personal information and follow the steps to save your application. We'll send you an e-mail with information you can use to retrieve your application at a later time. Retrieve your application by clicking on the "Retrieve" button on our homepage, www.capitalonedirect.com.

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  29. How do I make my initial deposit?

    There are four ways you can make the first deposit to your account.

    1. Create an electronic link to an existing external account. We'll deduct the amount you specify after you verify some "test" deposits to the linked account. Refer to Question 6 in the Managing and Accessing Your Account section for more information.
    2. Mail us a check.
    3. Wire it from your current bank account. Refer to Question 15 in the Managing and Accessing Your Account section for important details on this process.
    4. Some existing users of Capital One Online Banking can make an "internal transfer" from one of their accounts (depending on account type).

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